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Below the Quote on Pre-Market Comment by Hardik Matalia, Research Analyst, Choice Broking Ltd

The benchmark Sensex and Nifty indices are expected to open on a positive note on Apr 29, following GIFT Nifty trends indicating a gain of 53 points for the broader index.

After a positive opening, Nifty can find support at 24,250 followed by 24,100 and 24,000. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,700.

The charts of Bank Nifty indicate that it may get support at 55,300 followed by 55,000 and 54,700. If the index advances further, 55,600 would be the initial key resistance, followed by 55,900 and 56,200.

The Foreign institutional investors (FIIs) bought equities worth Rs 2474 crore on April 28 as they extended buying on ninth straight sessions, turning net buyers for the month. However, Domestic institutional investors (DIIs) extended their buying on the second day as they bought equities of Rs 2817 crore.

INDIAVIX was negative Yesterday down by 1.27% and is currently trading at 16.9400.

Yesterday, the Indian markets opened with a strong gap-up, and buying continued throughout the session. The Nifty index managed to sustain higher levels and ended the session on a positive note above the 24,300 mark. Positive cues from global markets, along with continued buying by Foreign Institutional Investors (FIIs), boosted investor and trader confidence in the domestic market. On the downside, immediate support is seen at the 24,200 level, with a stronger base around the 24,000 zone. On the upside, the 24,500 level remains a key resistance. A decisive breakout above this level could open the door for a move towards the 24,700 mark. Given the current momentum, traders are advised to maintain a disciplined approach with strict risk management while capitalizing on short-term opportunities. Buying on dips may be considered as long as the Nifty index holds above the 23,800 level. However, due to prevailing global trade war tensions, it is prudent to avoid large overnight positions and exercise tight risk control.

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